A few reasons I think it's balanced would include. Slower moving projectile than gold gun, dropping style of projection requiring more (not too much more) aim than gold gun, splash damage is mostly vertical rather than horizontal from my experience meaning, and lastly the armor increase I would affiliate with the harder to aim part. Just put it into a scenario. Player throws hammer and misses, waits a second to retrieve hammer, then has to throw again. Which in this game and how fast TTKs can be is near suicide if you miss. That's just my thoughts. I main a titan and think it's a really good super, but that's what supers are supposed to be like.